Cosmetic Packaging Market - Forecast(2021 - 2026)

 Cosmetic Packaging Market Overview:

Association of wellness with beauty is a major trend driving consumer based products demand in this era. Cosmetics is one prominent sector leveraging this stride and executing unprecedented business. As per an online release by Forbes in 2017, the cosmetics industry was estimated to be worth a staggering $445 billion in terms of sales revenue.[1] Cosmetic packaging market as an imperative subset of blooming cosmetics industry is catapulting enormous demand under its domain. Being an essential component of cosmetics in terms of protection, creation of brand awareness, advertising appeal, extension of shelf life and labeling of information, cosmetic packaging market size has ascended towards $25.5 billion as of 2018. E-commerce has facilitated an upsurge of cosmetic sales by adding a supplementary virtual retail counter for products and proficient packaging is a necessity for such operations. This is among the major factors are compelling the cosmetic packaging market to be progressing at a compound annual growth rate (CAGR) of 4.5% during the forecast period of 2019 – 2025.

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Cosmetic Packaging Market Outlook:

Cosmetic packaging market employs various resources such as plastic, glass, metal and paper as packaging materials for manufacturing packaging equipment, for instance, cosmetic containers, cosmetic bottles, cosmetic jars, sticks, pumps & dispensers, pen types, roller balls, and caps and closures. Glass cosmetic packaging is losing its affluence to plastic packaging, owing to multiple benefits offered by plastic such as low cost, lightweight, flexible, shatterproof, sturdy, odorless, pleasing appearance and appropriate for graphic and color printing. Moreover, acrylic plastic can mimic the appearance of glass without being fragile.

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 Further inspecting the regional cosmetic packaging market share, North America is estimated to be the foremost region as of 2018. This area with the largest global economy, the United States, is accountable for generating 35% of the global cosmetic packaging demand. As per the United States Census Bureau 2010, younger working-age population, ages 18 to 44, represented 36.5% and older working-age population, ages 45 to 64, and represented 26.4% of the total population.[2] Nearly 57% of total population working with increasing disposable income and the majority of them below 44 years of age, spontaneously stand out as potential customers for cosmetics. Apart from local customers, United States holds the apex spot in terms of cosmetic products exports to Korea (8th largest cosmetic products market in the world).[3] Thus owing to its local demand and export demand of cosmetics, North America holds a substantial share of the global cosmetic packaging market size.

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 In terms of application, the cosmetic packaging market is predominantly composed of hair care, skin care, nail care and make-up. While most of the skin care, nail care and make-up products are oriented towards feminine application, hair care is a segment targeting both the sexes. Due to this phenomenon hair care products leads the application segment, progressing with an application CAGR of 5.5% going through 2025. American Hair Loss Association states that by the age of 50, 85% of men have significantly thinner hair. Thus hair care primarily dominates the cosmetic packaging market share.

 Cosmetic Packaging Market Trends and Growth Drivers:

Novel innovations in material and printing technology have unlocked numerous design trends for cosmetic packaging. Market players are applying polypropylene films for finest cosmetic packaging where biaxially-oriented polypropylene (BOPP) are favored as customary cosmetics packaging material. Since its inception, 3D printing technology has being adopted by the cosmetic packaging manufacturers globally as it provides aesthetic feasibility to the product, and is commonly employed to package cosmetics, fragrances, and shampoos.

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